This is one of the best results released today. NASCON Allied Industries PLC has disclosed that its gross revenue grew to NGN12,7 billion compared to NGN10,1 billion recorded last year.
The company is already showing signs that its operations has been massively impacted by rising costs, inflation and Naira devaluation as its cost of sales rose to NGN8,5 billion in the last quarter compared to last year when it expended NGN6,9 billion.
NASCON Allied Industries Plc (previously National Salt Company of Nigeria Plc) was established in 1973 as a salt refinery at Ijoko (Near Sango-Ota); Ogun State as a joint venture between the Federal Military Government of Nigeria and Atlantic Salt & Chemical Inc. of Los Angeles, California, USA, due to an identified need for self-sufficiency in the production of this essential commodity.
In order to achieve this, the Federal Military Government appointed Messrs Atlantic Salt & Chemical Company Incorporation as Technical Partner for the establishment of this company in October 1972; the technical agreement was signed on March 1973. The National Salt Company of Nigeria was thus incorporated on April 30, 1973.The equity shareholding of the company at the time was:
- Federal Military Government of Nigeria 55%
- Atlantic Salt & Chemical Inc. 35%
- (Technical Partner)
- Former Western State Government 10%
- (Now Oyo, Ogun, Osun, Ondo, Lagos and Ekiti States
